Rising Popularity in CBD Based Products now Projected to Outpace Marijuana

There is one sector in the rapidly growing in the cannabis market that stands out and that is edibles. The Brightfield Group, a respected industry research firm, recently released a report that said, “New Report Predicts CBD Market Will Hit $22 Billion by 2022 – Looking forward to relaxed hemp regulations, a new analysis estimates that the CBD market could explode — and outpace marijuana.”

The company also said on its website that, “CBD is growing faster than cannabis in the U.S. and will soon be a $22 billion industry. It’s been flying under the radar but is set to explode having profound impacts.” In fact they also report that retailers, big box retailers, are “Going after CBD”.

Another article in an industry publication seemed to reaffirm that view saying, “There are product categories that plod along slowly for many years before suddenly catching on. Then there is CBD.

Three years ago, CBD sales barely registered as a product category. Today, it is an industry that produces hundreds of millions of dollars in revenues, with most analysts forecasting many billions of dollars in sales within the next few years. But that only scratches the surface, because much of the action in the CBD movement takes place in non-grocery settings, such as stores that specialize in alternative health products or oils and tinctures.”

Forbes also chimed in on what can happen in the edibles market, in an article headlined: “Edibles Are The Next Big Thing For Pot Entrepreneurs.” The article said: “As more states legalize cannabis for recreational use, edibles will become a huge market for entrepreneurs. In California alone, consumers gobbled up more than $180 million worth of marijuana-infused food and drinks last year, 10% of the state’s cannabis sales, according to Archview Market Research.